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The table below shows real GDP, population, and real GDP per capita for the hypothetical economy of Highlands
The table below shows real GDP, population, and real GDP per capita for the hypothetical economy of Highlands.a.Using the information in the table, calculate the growth rates in real GDP, population, and the standard of living (real GDP per capita) between year 1 and year 2.Real GDP:_______%Population: ________%Standard of living ________%b. Now, using the information in the table, calculate the growth rates in real GDP, population, and the standard of living between year 2 and year 3.Real GDP:___%Population___%Standard of living ___%C)The standard of living in the economy of Highlands between year 1 and year 2 grewa: the same asb: faster thanc: slower than YearReal GDP(millions of dollars)Population(thousands of people)Real GDP per Capita(dollars)1$5,720220$26,00026,49622429,00037,39223132,000
Expert Solution
The table below shows real GDP, population, and real GDP per capita for the hypothetical economy of Highlands
| Year |
Real GDP (millions of dollars) |
Population (thousands of people) |
Real GDP per Capita(dollars) |
| 1 | 5720 | 220 | $26,000 |
| 2 | 6,496 | 224 | 29,000 |
| 3 | 7,392 | 231 |
32,000 |
Calculate the growth rates in real GDP, population, and the standard of living (real GDP per capita) between year 1 and year 2.
The growth rates in real GDP between year 1 and year 2
{(6,496 – 5720)/ 5720}*100 = 13.6%
The growth rates in population between year 1 and year 2
{(224 – 220)/ 220}*100 = 1.8%
The growth rates in standard of living between year 1 and year 2
{(29,000 - 26,000)/ 26,000}*100 = 11.54%
Calculate the growth rates in real GDP, population, and the standard of living between year 2 and year 3.
The growth rates in real GDP between year 2 and year 3
{(7,392 – 6,496)/ 6,496 }*100 = 13.79%
The growth rates in population between year 2 and year 3
{(231 – 224)/ 224}*100 = 3.1%
The growth rates in standard of living between year 2 and year 3
{(32,000 - 29,000)/ 29,000}*100 = 10.34%
C)The standard of living in the economy of Highlands between year 1 and year 2 grew faster than the standard of living between year 2 and year 3. (as can seen from calculation above that the growth rates in standard of living between year 1 and year 2 is 11.54% while the growth rates in standard of living between year 2 and year 3 is 10.34%.)
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